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The death of Lazard chief executive and investment banking legend Bruce Wasserstein will trigger the payout of $188 million (£115.3 million) of shares, it emerged today.
Wasserstein, who was advising Kraft Foods in its bid for Cadbury, died on Wednesday aged 61. He was taken to hospital on Sunday with an irregular heartbeat.
The Wall Street Journal said the vesting of the shares was based on Wasserstein's accumulation of 4.4 million restricted stock units in Lazard since 2005.
They will vest 30 days after his death. Based on Lazard's current share price of $42.79 they are worth $188 million.
It confirmed Wasserstein's status as one of the highest paid investment bankers in history.
He was not only the public face of Lazard — he also earned the lion's share of the bank's pay.
His 2008 pay package of $20.4 million exceeded the combined pay of the next four Lazard officers by nearly $3 million.
Forbes magazine recently estimated Wasserstein's wealth at $2.2 billion making him the 147th richest American. He personally held 1.87 million Lazard shares, or 2.2% of the firm. Wasserstein and the family trust hold a total of 16.2 million shares, or 11%.
Two of his children, Pamela and Ben, are expected to play a pivotal role overseeing the trust.
